MUMBAI: The initial public offering of India-based gaming and sports media platform Nazara Technologies was subscribed 6.89 times by the Thursday morning, March 18, the second day of the IPO’s opening, Moneycontrol reports.
The IPO closes for subscription on Friday, March 19.
Nazara Technologies is planning to garner around Rs 5.83 billion through the issue, which is a complete offer for sale. The price band for the offer has been fixed at Rs 1,100-1,101 per share.
The issue has received bids for 20.1 million equity shares against an offer size of 2.92 million equity shares, the subscription data on exchanges accessed by the business news website showed.
Non-institutional investors have put in bids 5.50 times more than their reserved portion, while the portion set aside for retail investors has seen a massive 28.72 times subscription and that of employees is subscribed 2.95 times. The qualified institutional buyers have subscribed for 37 percent of their reserved portion so far.
As per Moneycontrol, Nazara had raised Rs 2.6131 billion from anchor investors on March 16 at higher price band, which indicated that the final issue price could be Rs 1,101 per share.
Indian gaming industry opportunity:
The Indian gaming industry is projected to grow over 31.7% yoy due to growth of digital infrastructure and significant rise in quality and engaging of gaming content.
By 2024, the gaming industry in India is set to be valued at $3.544 billion. India’s online gaming industry has already attracted over $ 350 million in investments from venture capital firms between 2014 and 2020 (Federation of Indian Chambers of Commerce & Industry and India Brand Equity Foundation).
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